Getting estate assets appraised executors need to know what everything personal property real estate investments business interests in the estate is worth heres where to start by mary randolph jd. Probate is a legal process to settle the estate of a person who died a decedent in probate a court appoints a personal representative to administer the decedents estate iii how the probate process works probate is a legal process to settle the estate of a person who died a decedent o business interests . This is also the time when the personal representative will need to evaluate whether any of the decedents assets such as real estate or a business should be sold in order to raise cash to pay expenses and taxes. Take good care of estate assets this is a key part of an executors job you must keep real estate well maintained small valuables secure and everything of value insured. The balances of financial accounts as of that date should be fairly obvious from statements and records but assets such as real estate and personal effects including jewelry artwork collectibles and closely held businesses must often be professionally appraised
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